Owners of NSW apartments with combustible cladding may need second mortgage for repairs

Owners of NSW apartments with combustible cladding may need second mortgage for repairs

Owners of NSW apartments with combustible cladding may need second mortgage for repairs

*?php if ($display_submitted): ?*/>

Date: 12 Sep 2018

*?php endif; ?*/>

Apartment owners in the 435 NSW buildings identified to have been built with potentially high-risk combustible cladding may have to take out new mortgages to raise the money to make them safe. The longer they delay action, the higher the risk of a devastating fire with loss of life and a potentially ruinous damages bill, and the more likely their insurance could be cancelled.
“There’s no comfort for anyone in this situation,” warns Stephen Goddard, the chair of the peak apartment-owners body Owners Corporation Network.